CIT Provides $35 Million Credit Facility to Utopia Deals

Rhea-AI Summary

CIT, a division of First Citizens Bank, announced a $35 million revolving credit facility to Utopia Deals, a seller of linens and related products. The funding is aimed at supporting Utopia's working capital and growth strategy. Located in Plainview, N.Y., Utopia caters to various sectors including hospitality and healthcare, with a strong online retail presence. CIT's Asset-Based Lending division provided this financing to help Utopia achieve its business goals, emphasizing CIT's expertise in tailored financial solutions.

Positive

• Provided a $35 million revolving credit facility to Utopia Deals to support growth and working capital needs.
• Utopia Deals operates in diverse sectors, including hospitality and healthcare, enhancing potential for revenue growth.

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• None.

NEW YORK, Dec. 6, 2022 /PRNewswire/ -- CIT, a division of First Citizens Bank, today announced that its Asset-Based Lending business has provided a $35 million revolving credit facility to Utopia Deals.

Based in Plainview, N.Y., Utopia Deals is a leading seller of linens, towels, bedding and other products to consumers and to business customers in the hospitality, healthcare, restaurant, fitness and spa sectors, among others. The company also has a strong presence on leading online retail platforms. The revolving credit facility will support the company's working capital needs and growth strategy.

"As a business, we remain focused on our core objectives of providing our customers with quality products and outstanding customer service," said Jabran Niaz, CEO of Utopia Deals. "We appreciate CIT's expertise in arranging this financing, which will help us to continue to pursue our business goals."

"We worked hard to understand the needs of Utopia Deals and were pleased to support them with financing that helps advance their objectives," said Chris Esposito, managing director and group head for CIT's Asset-Based Lending business.

Asset-Based Lending, a part of CIT's Commercial Finance business, meets clients' working capital needs by offering innovative structures that reduce funding costs and lower operational risks while improving earnings by leveraging accounts receivable, inventory or fixed assets as collateral.

About CIT

CIT is a division of First Citizens Bank, the largest family-controlled bank in the United States, continuing a unique legacy of strength, stability and long-term thinking that has spanned generations. Parent company, First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with more than $100 billion in assets. The company's commercial banking segment brings a wide array of best-in-class lending, leasing and banking services to middle-market companies and small businesses from coast to coast. First Citizens also operates a nationwide direct bank and a network of more than 550 branches in 22 states, many in high-growth markets. Industry specialists bring a depth of expertise that helps businesses and individuals meet their specific goals at every stage of their financial journey. Discover more at cit.com/firstcitizens.

MEDIA RELATIONS: 
John M. Moran
212-461-5507
john.moran2@firstcitizens.com

 

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SOURCE CIT, a division of First Citizens Bank

FAQ

What financial support has CIT provided to Utopia Deals?

CIT has provided a $35 million revolving credit facility to Utopia Deals.

What is the purpose of the $35 million credit facility provided to Utopia Deals?

The facility will support Utopia Deals' working capital needs and growth strategy.

When was the credit facility to Utopia Deals announced?

The announcement was made on December 6, 2022.

Who is Utopia Deals and what do they sell?

Utopia Deals is a leading seller of linens, towels, and bedding products, catering to hospitality, healthcare, and other sectors.

What is the significance of CIT's Asset-Based Lending division?

CIT's Asset-Based Lending division provides innovative financing structures to meet clients' working capital needs.